Some years ago, my family and I watched the movie “Marley & Me.” If you haven’t seen it, Marley is the family dog that, near the end of the movie dies. My two young daughters didn’t particularly enjoy the end because the beloved family dog died. After the movie, we talked about the ending, and it was clear, my daughters realized, “Hey! If our dog can die, then so could Mom and Dad!”
They were right, of course. Yet, about 70% of adults, many with children who depend on us, don’t have an estate plan. I have heard some reasons why people don’t have an estate plan, including the perceived high expense, too complicated, feeling too young or too poor, or not knowing exactly what an estate plan is.
If You Die Without an Estate Plan in Place
Do you think estate planning attorneys like me are making a big deal about this when it’s not that important? Let’s review seven key points that help illustrate what could happen if you DON’T have an estate plan in place and see if you’re ok with it.
- Probate – To settle your estate, you want your spouse, parents, or children to go through a long, expensive process that is potentially run by someone you never knew
- Intestacy –You aren’t fazed by this term for dying without a will, which means the state will decide who gets your property, and your loved ones may argue for years over your various personal items.
- Inheritance – You accept the idea that your surviving spouse could remarry, die, and leave all your assets to that unknown next spouse rather than to your kids or family.
- Guardianship –You would rather have the state decide who ends up caring for your minor children or your personal affairs should you become incompetent.
- Incapacity — If you become incapacitated, you want your family to go to court and potentially watch some outsider (instead of a spouse, close relative, or friend) appointed to take care of your financial and health decisions.
- Life Prolonging Procedures — You accept the notion that doctors decided to keep you alive (and drain your family assets) for years without knowing your wishes.
- Taxes — You want your assets to go to the government for taxes and fees, rather than to your family for their needs.
Now What Should Do?
If you agree with all of these statements, then perhaps you are right. You do not need an estate plan. But, if you are uneasy with one or more of these, then it is time to take action and make plans for yourself and your loved ones. Getting the help, you need from an experienced estate planning attorney is the best way to assure your loved ones will not have to face some very unpleasant realities.
Final Thoughts
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate, or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate, or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).